The completion of the Arrangement remains subject to the satisfaction or
waiver of applicable conditions with the sole remaining regulatory
approval condition being receipt of a notice from the Minister of
Industry (the “Minister”) under the Investment Canada Act that the acquisition is likely to be of net benefit to Canada. PETRONAS
Canada and the Minister have agreed that the review period for the
acquisition will be extended until October 19, 2012. The Arrangement
is expected to be completed on or about three business days after
receipt of approval from the Minister.

About Progress

Progress is a Calgary based energy company primarily focused on natural
gas exploration, development and production in northeast British
Columbia and northwest Alberta. Common shares of Progress are listed on
the Toronto Stock Exchange under the symbol PRQ.

Advisory Regarding Forward-Looking Statements

This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words “expect”, “anticipate”, “continue”,
“estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”,
“believe”, “plans”, “intends” and similar expressions are intended to
identify forward-looking information or statements. In particular,
forward looking statements in this press release include, but are not
limited to, statements regarding the timing of completion of the
Arrangement, and receipt of governmental approvals.

The forward-looking statements and information are based on certain key
expectations and assumptions made by Progress, including, among other
things, the ability to obtain all required regulatory approvals for the
Arrangement. Although Progress believes that the expectations and
assumptions on which such forward-looking statements and information
are based are reasonable, undue reliance should not be placed on the
forward looking statements and information because Progress can give no
assurance that they will prove to be correct.

Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risk that the Arrangement may not
close when planned or at all or on the terms and conditions set forth
in the arrangement agreement; and the failure to obtain the necessary
regulatory approvals required in order to proceed with the Arrangement.

Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that
could affect Progress are included in reports on file with applicable
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com).

The Company’s actual results, performance or achievement could differ
materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given
that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits that
the Company will derive there from. These forward-looking statements
are made as of the date of this press release and the Company disclaims
any intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
results or otherwise, other than as required by applicable securities
laws.